Community Trust

 

A trust is a specified amount of money or other assets held for the benefit of an individual and administered by a trustee.  The Virginia Beach Community Trust is a Special Needs Trust managed by a Board of Trustees composed of five volunteers from the community.  The Virginia Beach Community Trust has two components, The Trust for Persons with Intellectual Disabilities and The Trust for Persons with Serious Mental Illnesses.   The Community Trust has been operational since March of 1982.  It was conceived as a way of dealing with the complex problems surrounding the future planning for individuals with mental disabilities. By setting up a Special Needs Trust, money from a family’s estate can be used to enhance the life of a disabled individual without jeopardizing entitlement benefits. 

 

The Trustees provide families with consultation specifically targeted to the needs of their son, daughter, sister, brother, etc. who has a mental disability (the “beneficiary”).   Family members (“settlors”) that set up Trusts with the Community Trust Program can depend upon the trustees to oversee the beneficiary’s trust according to plans made prior to the   settlor’s death.  Families are not charged an origination fee, or a management fee, for the lifetime of the trust.  The trustees are sensitive to each beneficiary’s needs through management and administration of trust accounts. There are many Virginia Beach citizens who are grateful for the dedication of the Virginia Beach Community Trust volunteers and for their assistance in helping them provide a more secure future for their loved ones. 

 

Support for   the trust comes from the Virginia Beach Department of Human Services, the city agency responsible for publicly funded programs serving persons with mental disabilities.  Through advocacy for the beneficiary, and the professional, caring management by the Board of Trustees, the Virginia Beach Community Trust makes it possible for families to experience greater peace of mind concerning their loved one’s future. 

 

​Board of Trustees
​Carolyn C. Cox, Attorney Phone: (W) (757) 486-4650 email: Carollyn@coxandcox.com	​Burke W. Margulies, Attorney Phone: (757) 490-6275 email: bmarguli@pendercoward.com
​Betty Morgan Phone: (757) 473-0393	​Michael N. Mulkey, CPA Phone: (757) 456-0908 email: mike@mikeyco.com
​Ron Person   Phone: (757) 428-6334 email: ron@beachfas.com

 

 

 

 

Located at:

Virginia Beach Community Trust

289 Independence Blvd.

Pembroke 3 suite 120

Virginia Beach VA 23462